Shares of Editas Medicine, Inc. (EDIT) gained 10.1% on Thursday after the company reported stronger-than-expected fourth-quarter results. The company engages in the development and commercialization of genome editing technology.
Collaboration and other research and development revenues stood at $12.5 million, up 9.6% from the same quarter last year. The figure also surpassed the consensus estimate of $4.3 million.
During the quarter, the company reported a net loss of $0.61 per share against the consensus estimate of a loss of $0.72 per share. Editas had posted a loss of $1 per share in the same quarter last year.
James C. Mullen, the Chairman, President and CEO of Editas, said, “We’re entering 2022 with an expanded pipeline of clinical programs and new preclinical candidates, enabled by our best-in-class gene editing technologies.”
Following the results, Goldman Sachs analyst Madhu Kumar maintained a Sell rating on Editas and lowered the price target to $10 from $18. The price target implies 37% downside potential.
Based on 1 Buy, 4 Holds and 2 Sells, the stock has a Hold consensus rating. The Editas stock price prediction of $30 implies 89.2% upside potential from current levels.
Hedge Fund Trading Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Editas is currently Very Negative, as the cumulative change in holdings across all three hedge funds that were active in the last quarter was a decrease of 2.1 million shares.
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